SeaEnergy has reported a profit of £25.3 million for the 2011 year against a loss of £5.7 million the previous year.

The Aberdeen-based PLC, formerly Ramco Energy, sold its interest in SeaEnergy Renewables Limited (SERL) in June 2011 which resulted in a gain of £32.8 million.

Repsol agreed to take an 80 per cent stake in SERL for £30.7 million as well as agreeing to repay £8.1 million in debt SERL owed to parent company SeaEnergy.

This left SeaEnergy with a cash position at the 2011 year end of £21.9 million compared with £0.1 million the previous year.

SeaEnergy is proposing a 10 pence per share dividend which equates to £6.9 million.

As part of the SERL deal SeaEnergy also signed a co-operation agreement with EDP Renovaveis (EDPR) to supply operations and maintenance vessels, field infrastructure and equipment.

SeaEnergy said last year it would focus on expanding its offshore marine servicing offering to the oil and gas and renewable energy industries.

Net assets rose from £1.3 million in 2010 to £27.6 million last year, largely as a result of the SERL sale.

Operating costs last year rose by 19 per cent to £3.7 million, which the company said arose from developing its windfarm field services business.

SeaEnergy said it is currently negotiating a joint venture “with a large vessel owning and operating company” to build and operate vessels to support wind farm developments in northern European waters.

The company also added to its investment in Lansdowne Oil and Gas to fund its acquisition of 3D Seismic to drill the recent appraisal well on the Barryroe structure.

This well, which is expected to lead to Ireland's first commercial oil development, has tested flow rates of 4,000 barrels of oil per day equivalent.

SeaEnergy chairman David Sigsworth said: "2011 was a notable year for SeaEnergy as it realised considerable value by selling SERL - a significant proportion of which is to be returned to shareholders.

“We have now refocused the strategy to build a broad energy services business, drawing on our combined renewables and oil and gas heritage.

“We are continuing to pursue opportunities for the supply of specialist vessels and associated services in operations and maintenance for offshore wind, as well as the acquisition of complementary businesses and the in-house development of additional services.

“At the same time, we continue to manage the value of our legacy investments.

“SeaEnergy is at an exciting stage in its development, and looks forward to updating the market further on our continuing progress."